Nuevolution A/S, a Copenhagen, Denmark-based small molecule lead discovery company, has raised DKK80.5m (approximately €11m) in funding.
The round was led by Industrifonden, with participation from existing investors Sunstone Capital, SEB Venture Capital and SEB Utvecklingsstiftelse.
The company intends to use the funding to expand its business of identification of small molecule lead compounds against therapeutically important high value targets.
Led by CEO Alex Gouliaev and Chairman Stig Løkke Pedersen, Nuevolutions has developed a platform (Chemetics®) that uses innovative DNA labeling of small molecule compound libraries to enable the screening of more than one billion compounds in the efforts to identify hits and leads for further pharmaceutical development.
Since 2008, the technology has been applied against a broad range of partnered targets including protein interactions that have been difficult to address using conventional HTS and medicinal chemistry.